Student loan overhaul takes effect July 1: New borrowing limits and fewer repayment options
By
Mary Cunningham
Fresh out the oven, still warm. Top of the tray.
Summary
Major changes to the U.S. student loan system take effect July 1 as a result of the One Big Beautiful Bill Act signed by President Trump. The overhaul limits how much students and parents can borrow and reduces repayment options, aiming to streamline the student loan system. Borrowers will face new borrowing caps and fewer flexible repayment plans.
Key quotes
· 3 pulledMajor changes are coming to the student loan landscape starting July 1 that will limit how much Americans can borrow and their repayment options.
Those changes are a result of the One Big Beautiful Bill Act, which President Trump signed into law last year.
The Education Department has framed the overhaul as a way to streamline the student loan system.
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